Police suspect two of carbon credit fraud worth CZK 378m

Prague, Oct 23 (CTK) - The Czech anti-corruption police have accused
two men of 378 million crowns worth of tax evasion linked to carbon
credits trade, for which they would face up to ten years in prison, if
convicted, the police spokesman Jaroslav Ibehej writes on their website.

The two say they bought carbon credits on behalf of a company from
two Czech firms in 2010 and subsequently sold them to another company.

However, they in fact did not buy them in the Czech Republic but from
a foreign company for a price not including VAT. They eventually paid
the tax on the sum corresponding to the difference between the price for
the fictitious purchase in the Czech Republic and the subsequent
selling price, i.e. not for the really completed deal.

Previous European Carbon Credit Frauds include:

The European Union (EU) Emission Trading System (ETS) has been the
victim of fraudulent traders in the past 18 months. This resulted in
losses of approximately 5 billion euros for several national tax
revenues. It is estimated that in some countries, up to 90% of the whole
market volume was caused by fraudulent activities.

Indications of suspicious trading activities were noted in late 2008,
when several market platforms saw an unprecedented increase in the
trade volume of European Unit Allowances (EUAs). Market volume peaked in
May 2009, with several hundred million EUAs traded in e.g. in France
and Denmark. At that time the market price of 1 EUA, which equals 1 ton
of carbon dioxide, was around EUR 12.5.

Dosanjh and his two friends Ranjot
Singh Chahal, 35, and Navdeep Singh Gill, 31, made millions running a
series of bogus companies importing high-value carbon credits free of
VAT into the UK.EU
emission allowances are known as carbon credits and are certificates
which can be bought and sold representing the right to emit carbon
dioxide into the atmosphere. They were created as part of national and
international attempts to reduce greenhouse gases.The
gang exploited UK VAT laws and sold these carbon credits on to
legitimate companies, charging VAT which was never paid back to the
government.

Without the Government's senior law officer's immediate legal opinion, they warned, Britain faced being scammed out of £2bn.

Baroness
Scotland was roused from her sickbed and confirmed that the trade
minister, Stephen Timms, had the power to zero-rate VAT. Within 48
hours, investigators had blocked a loophole in a scheme set up with the
laudable aim of combating climate change. Shrewd criminals were
exploiting that loophole to rob the Exchequer of up to £1m a week.

A global attempt to arrest climate change by providing firms with
incentives to invest in green technology is being manipulated in India
for profit. Instead of reducing carbon emissions, the Clean Development
Mechanism, or CDM, has helped firms, mostly private corporations, raise
huge sums virtually out of thin air.

Worse, as this three-part series will show, the manipulation and
subsequent failure of CDM in India may have led to thousands of tonnes
of greenhouse gases (GHGs) being released into the atmosphere.DNAhas
found that several projects in the country that are earning huge sums
through the sale of carbon credits are, in fact, ineligible for the CDM
scheme. Promoters of these projects have manipulated and backdated
documents to meet requirements as prescribed by the CDM executive board.

DO you see a trend here?

Raising Huge Sums virtually out of thin air based on a falsified hypothesis. And Australia's Green Gillard government are backing this hoax.

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